{"id":1004118127,"date":"2015-04-23T10:57:38","date_gmt":"2015-04-23T18:57:38","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=342772"},"modified":"2020-04-14T00:07:11","modified_gmt":"2020-04-14T08:07:11","slug":"king-penguin-to-acquire-second-office-tower-in-downtown-pittsburgh-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/king-penguin-to-acquire-second-office-tower-in-downtown-pittsburgh-2\/","title":{"rendered":"King Penguin to Acquire Second Office Tower in Downtown Pittsburgh"},"content":{"rendered":"<p><em>By Adriana Pop, Associate Editor <\/em><\/p>\n<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/04\/Allegheny-Building-at-429-Forbes-Ave.-in-Pittsburgh.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-342774\" title=\"Allegheny Building at 429 Forbes Ave. in Pittsburgh\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/04\/Allegheny-Building-at-429-Forbes-Ave.-in-Pittsburgh.jpg\" alt=\"\" width=\"200\" height=\"300\" \/><\/a>New York-based King Penguin Opportunity Fund reached an agreement with Union Real Estate Co. to acquire the 19-story Allegheny Building in downtown Pittsburgh.<\/p>\n<p>According to the <em><a href=\"https:\/\/www.bizjournals.com\/pittsburgh\/blog\/the-next-move\/2015\/04\/new-york-investor-close-to-addingsecond-downtown.html\" target=\"_blank\" rel=\"nofollow\">Pittsburgh Business Times<\/a><\/em>, the transaction, for which a closing date has yet to be determined, will mark the company\u2019s second real estate investment in the city\u2019s downtown.<\/p>\n<p>Now considered a Class C office property, the 150,000-square-foot office tower at 429 Forbes Ave. dates back to the early 20th century, when it was built as an expansion to the neighboring Frick Building.<\/p>\n<p>Rich Beynon, president of downtown-based Beynon &amp; Co., represented the property at a listing price of $7.8 million, or about $53 per square foot.<\/p>\n<p>&#8220;We are pleased to have come to an agreeable purchase price,&#8221; Beynon told the newspaper when asked about the value of the transaction. He added that King Penguin is likely to maintain the building\u2019s office use.<\/p>\n<p>According to Mike Ligouri, a vice president who specializes in investment sales for Hanna Langholz Wilson Ellis, the property benefits from the apartment conversion trend underway in the city\u2019s downtown.<\/p>\n<p>\u201cAs multifamily takes over some of the B and C buildings, an asset like this becomes more stable because of less competition,\u201d Ligouri said.<\/p>\n<p>Just a few months ago, King Penguin entered the Pittsburgh real estate market with <em><a href=\"https:\/\/www.bizjournals.com\/pittsburgh\/blog\/the-next-move\/2014\/12\/new-york-investor-buying-former-pittsburgher-plans.html?page=all\" target=\"_blank\" rel=\"nofollow\">the purchase of the historic 25-story Lawyers Building<\/a><\/em> at 428 Forbes Ave., just across the street from Allegheny Building. The 120,000-square-foot class C office property, also formerly owned by Union Real Estate, sold for approximately $4.5 million.<\/p>\n<p>Both buildings have been designed by D.H. Burnham &amp; Co., the Chicago firm led by renowned architect Daniel Burnham, who is known for his work on important buildings in New York, Washington, D.C., and Chicago.<\/p>\n<p><em>Photo credits: www.loopnet.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York-based King Penguin Opportunity Fund has reached an agreement with Union Real Estate Company to acquire the 19-story Allegheny Building in downtown Pittsburgh.<\/p>\n","protected":false},"author":260,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1602],"tags":[],"class_list":["post-1004118127","post","type-post","status-publish","format-standard","hentry","category-latest","category-pittsburgh"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>King Penguin to Acquire Second Office Tower in Downtown Pittsburgh - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/king-penguin-to-acquire-second-office-tower-in-downtown-pittsburgh-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"King Penguin to Acquire Second Office Tower in Downtown Pittsburgh\" \/>\n<meta property=\"og:description\" content=\"New York-based King Penguin Opportunity Fund has reached an agreement with Union Real Estate Company to acquire the 19-story Allegheny Building in downtown Pittsburgh.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/king-penguin-to-acquire-second-office-tower-in-downtown-pittsburgh-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-04-23T18:57:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-14T08:07:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/04\/Allegheny-Building-at-429-Forbes-Ave.-in-Pittsburgh.jpg\" \/>\n<meta name=\"author\" content=\"Adriana Pop\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/king-penguin-to-acquire-second-office-tower-in-downtown-pittsburgh-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/king-penguin-to-acquire-second-office-tower-in-downtown-pittsburgh-2\\\/\"},\"author\":{\"name\":\"Adriana Pop\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/c6fbe4a6cd09e6097b39e787ae96d7ad\"},\"headline\":\"King Penguin to Acquire Second Office Tower in Downtown Pittsburgh\",\"datePublished\":\"2015-04-23T18:57:38+00:00\",\"dateModified\":\"2020-04-14T08:07:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/king-penguin-to-acquire-second-office-tower-in-downtown-pittsburgh-2\\\/\"},\"wordCount\":308,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/king-penguin-to-acquire-second-office-tower-in-downtown-pittsburgh-2\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/04\\\/Allegheny-Building-at-429-Forbes-Ave.-in-Pittsburgh.jpg\",\"articleSection\":[\"News\",\"Pittsburgh\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/king-penguin-to-acquire-second-office-tower-in-downtown-pittsburgh-2\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/king-penguin-to-acquire-second-office-tower-in-downtown-pittsburgh-2\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/king-penguin-to-acquire-second-office-tower-in-downtown-pittsburgh-2\\\/\",\"name\":\"King Penguin to Acquire Second Office Tower in Downtown Pittsburgh - 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